We have that what the bank account hold in 2017 is mathematically given as
T=179.986
Simple interest
Simple interest is a simple way of forecasting and having a view of futuristic values.
Question Parameters:
An account is gaining value at a rate of 4.94% per year.
The account held $113 in 2005.
What will the bank account hold in 2017?
Generally the equation for Simple interest is mathematically given as
S=(P*R*T)/(100)
Therefore
S=(113*4.94*12)/(100)
S=$66.986
Therefore
after 12 years
T=113+66.986
T=179.986
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